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| Cmmonwealth Building, North CBD Tech Cluster Area, Portland, OR |
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| Nicholas Kucha |
PORTLAND, OR, July 5, 2016
– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the
$69 million sale of and arranged $47.4 million in financing for the
Commonwealth Building, a 216,099-square-foot creative-tech office tower
situated in the heart of Portland’s North CBD Tech Cluster.
HFF marketed the property
on behalf of the seller, Unico Properties LLC.
KBS Capital Advisors purchased the asset on behalf of KBS Growth &
Income REIT, and was assisted by HFF in securing a $47.4 million, five-year,
floating-rate acquisition loan through an insurance company.
Originally built in 1948,
the Commonwealth Building was renovated between 2013 and 2015 to convert the
mid-century building into a creative-tech office tower blending traditional
egalitarian design and unique building amenities with timeless design.
The property offers tenants flexible office
spaces with abundant natural light and an amenity package featuring a rooftop
amenity deck, building conference room, tenant lounge, basement bicycle storage
and an on-site fitness center.
Fronting the Sixth Avenue
transit mall, the Commonwealth Building boasts a Walk Score© of 100 and a Bike
Score© of 98. Additionally, the
95-percent-leased property has been awarded an Energy Star rating and is
certified LEED Gold from the U.S. Green Building Council.
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| Nick Kassab |
The HFF investment sales
team representing the sellers was led by senior managing director Nick Kucha and director Nick Kassab.
HFF’s debt placement team
was led by senior managing directors Tom
Wilson and Kevin MacKenzie.
“The Commonwealth Building
was a catalyst for the creative-tech movement to the northern central business
district,” said Kucha.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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